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BT FINANCIAL CORP. REPORTS RESULTS

 BT FINANCIAL CORP. REPORTS RESULTS
 JOHNSTOWN, Pa., July 23 /PRNewswire/ -- BT Financial Corp.


(NASDAQ-NMS: BTFC) said today that its operating results for the quarter ended June 30, 1992, are excellent and reflect a strong commitment to the company's philosophy of providing its customers with the best in banking services.
 The corporation had aggressively pursued its sales and market-driven strategy to achieve outstanding results.
 Consolidated net income for the quarter was $2,177,000 or $.73 per share, a 30.4 percent increase over the $1,669,000 or $.56 per share, earned in the previous year. Compared to the same period last year, total assets increased $90,969,000 or 11.6 percent to $876,438,000. Deposits were up $85,444,000 or 12.4 percent to $771,802,000, net loans rose $28,979,000 or 5.8 percent to $527,277,000, and shareholders' equity increased $5,584,000 or 9.0 percent to $67,825,000.
 A favorable impact on net income was received through the purchase, in the second half of 1991, of Peoples Federal Savings Bank and the Somerset office of Atlantic Financial Savings. Asset and deposit growth was assisted by these acquisitions. The flat loan demand continues to reflect a lower level of economic activity in BT Financial Corp.'s market region. Despite uncertainty over the direction of monetary policy and interest rates, net interest income for the quarter increased $1,880,000 or 22.8 percent from the previous year. Continued high asset quality supports these factors. For the second quarter, provision for loan losses was $637,000 compared to $273,000 for the previous year due primarily to the loans acquired through acquisitions. BT Financial Corp.'s management continues to carefully control all operating expenses and seize upon opportunities for improving non-interest income.
 BT Financial Corp. began installing new drive-up ATM units at its banking affiliates. Customer acceptance has been highly positive. The MasterCard and VISA credit card operations were centralized to enhance customer service and attain efficiencies in operational costs. This department is a vital link in providing each customer with a myriad of available consumer services through the corporation. BT Management Trust Co., BT Financial Corp.'s trust affiliate, continues to increase assets and fees generated as its business expands and prospers.
 Regulatory approval was received to merge Peoples Bank One, West Lebanon, Pa., into Johnstown Bank and Trust Co., effective with the close of business Aug. 14, 1992. Peoples Bank One has four banking offices with assets of approximately $18 million. Offices are located in West Lebanon, Elderton, North Washington and Duquesne, Pa.
 To ensure the future growth of BT Financial Corp., the board of directors at its meeting on May 27, 1992, approved a restructuring of the management team, effective July 1. Two new positions were created and others were realigned. Gerald W. Swatsworth continues as chairman and chief executive officer of the holding company. John H. Anderson, who was vice chairman, was promoted to president and chief operating officer of BT Financial Corp. Carl J. Motter Jr., formerly executive vice president and treasurer, financial services division, BT Financial Corp., was named vice chairman, BT Financial Corp. Motter will coordinate the active and general management of the corporate services group comprised of the staff services, financial services, lending and operations divisions. Steven C. Ackmann, formerly executive vice president, lending division, BT Financial Corp., was named vice chairman of BT Financial Corp. Ackmann will coordinate the active management of all affiliates which consists of Johnstown Bank and Trust Company, Laurel Bank, Fayette Bank and Trust Company, BT Management Trust Company and Bedford Associates, Inc.
 In other personnel changes, George J. Kondor Jr. became executive vice president of BT Financial Corp., and continues to assist Ethel J. Otrosina, executive vice president and secretary, BT Financial Corp., in the administration of the staff services division. Mark L. Sollenberger, senior vice president and comptroller, was promoted to executive vice president and treasurer, financial services division. David A. Casado, assistant comptroller, was named comptroller. Randolph J. Roth was promoted to assistant comptroller of that department. David J. Moorhead, formerly executive vice president, lending, Laurel Bank, was promoted to executive vice president, lending division, BT Financial Corp.
 The board of directors of BT Financial Corp., on July 22, 1992, declared a cash dividend of $.25 per share to shareholders of record on Aug. 7, 1992, payable Sept. 1.
 BT Financial Corp. is a bank holding company, with assets of $900 million, headquartered in Johnstown. Banking affiliates include Johnstown Bank and Trust Company, Johnstown; Laurel Bank, Ebensburg, Pa.; and Fayette Bank and Trust Company, Uniontown, Pa. Together, they comprise a total of 51 offices serving Cambria, Somerset, Bedford, Blair, Indiana, Westmoreland, Fayette, Butler and Allegheny counties. BT Financial Corp.'s other affiliates are BT Management Trust Company, a Pennsylvania state-chartered trust company, and Bedford Associates, Inc., a real estate company.
 BT FINANCIAL CORPORATION AND AFFILIATES
 Consolidated Balance Sheet
 June 30, 1992
 (In thousands, except shares and per share data)
 Period Ended 6/30/92 12/31/91 6/30/91
 Assets:
 Cash and due from banks 45,042 42,287 33,991
 Investment securities 214,656 186,736 169,352
 Int. bearing deposits with
 banks 27,478 30,250 33,605
 Federal funds sold 27,000 51,050 18,500
 Net loans 527,277 548,253 498,298
 Premises and equipment 17,845 17,685 17,928
 Other assets 17,140 15,393 13,795
 Total assets 876,438 891,654 785,469
 Liabilities:
 Deposits 771,802 781,761 686,358
 Fed. funds purchased &
 securities sold under
 agreement to repurchase 15,924 20,291 13,586
 Other liabilities 12,207 14,143 12,844
 Capital notes 8,680 10,440 10,440
 Total liabilities 808,613 826,635 723,228
 Shareholders' equity:
 Common stock 15,437 15,437 15,437
 Capital surplus 13,747 13,747 13,747
 Retained earnings 40,164 37,358 34,580
 Treasury stock (1,523) (1,523) (1,523)
 Total shareholders' equity 67,825 65,019 62,241
 Total liabilities and
 shareholders' equity 876,438 891,654 785,469
 Book value per share 22.70 21.76 20.83
 Number of shares
 outstanding 2,987,488 2,987,488 2,987,488
 BT FINANCIAL CORPORATION AND AFFILIATES
 Consolidated Statement of Income
 June 30, 1992
 (In thousands, except shares and per share data)
 Period Ended Three Months Six Months
 6/30/92 6/30/91 6/30/92 6/30/91
 Interest income 17,572 17,225 35,552 34,800
 Interest expense 7,440 8,973 15,478 18,513
 Net interest income 10,132 8,252 20,074 16,287
 Provision for loan
 losses 637 273 1,323 555
 Net interest income
 after provision for
 loan losses 9,495 7,979 18,751 15,732
 Other income 1,345 1,182 2,873 2,442
 Other expenses 7,793 6,966 15,736 13,703
 Income before taxes 3,047 2,195 5,888 4,471
 Provision for income
 tax 870 526 1,648 1,066
 Net income 2,177 1,669 4,240 3,405
 Per share data:
 Net income $0.73 $0.56 $1.42 $1.14
 Cash dividends declared $0.25 $0.22 $0.48 $0.44
 Weighted average
 number of shares
 outstanding 2,987,488 2,987,488 2,987,488 2,987,488
 -0- 7/23/92
 /CONTACT: Gerald W. Swatsworth, chairman and CEO of BT Financial, 814-532-3801/
 (BTFC) CO: BT Financial Corporation ST: Pennsylvania IN: FIN SU: ERN


CD-ML -- PG004 -- 2420 07/23/92 10:51 EDT
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